,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #fcai  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #aj1 #bjah,mr4  
,hultgr5 introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to require !      
,securities & ,ex*ange ,commission to   
c>ry out a /udy ( ! #aj p] c5tum ?re%old
 limitation applicable to ! def9ition ( 
a div]sifi$ company "u ! ,inve/m5t      
,company ,act ( #aidj1 & = o!r purposes4
  #a4 ,%ort title ,?is ,act may be cit$ 
z ! ,exp&+ ,inve/m5t 9 ,small ,bus9esses
 ,act4  #b4 ,,sec /udy  7a7 ,9 g5]al ,! 
,securities & ,ex*ange ,commission %all 
c>ry out a /udy ( ! #aj p] c5tum ?re%old
 limitation applicable to ! def9ition ( 
a div]sifi$ company "u section          
#e7;b77#a7 ( ! ,inve/m5t ,company ,act (
 #aidj 7#ae ,u4,s4,c4 #hj;a-#e7;b77#a77 
& det]m9e :e!r su* ?re%old limits       
capital =mation4  7b7 ,consid]ations ,9 
c>ry+ out ! /udy requir$ "u subsection  
7a71 ! ,commission %all consid] !       
foll[+3  7#a7 ,! size & numb] (         

div]sifi$ companies t are curr5tly      
re/rict$ 9 _! ability to own m ?an #aj  
p]c5t ( ! vot+ %>es 9 an individual     
company4  7#b7 ,if inve/+ pref]5ces (   
div]sifi$ companies h %ift$ away f      
companies ) small] m>ket                
capitalizations4  7#c7 ,! expect$       
increase 9 ! availability ( capital to  
small & em]g+ gr[? companies if !       
?re%old is increas$4  7#d7 ,! ability ( 
regi/]$ funds to manage liquidity risk4 
7#e7 ,any o!r consid]ation t !          
,commission consid]s necess>y &         
appropriate = ! protection ( inve/ors4  
7c7 ,solicitation ( public comm5ts ,9   
c>ry+ out ! /udy requir$ "u subsection  
7a71 ! ,commission may solicit public   
comm5ts4  7d7 ,report ,n lat] ?an ! end 
( ! #ahj-;day p]iod beg9n+ on ! date (  
enactm5t ( ?is ,act1 ! ,commission %all 
issue a report to ! ,congress1 & make   
su* report publicly available on !      
website ( ! ,commission1 conta9+--  7#a7
 all f9d+s & det]m9ations made 9 c>ry+  
out ! /udy requir$ "u subsection 7a72 & 

7#b7 any legislative recomm5dations ( ! 
,commission1 includ+ any recomm5dation  
to update ! #aj p] c5tum ?re%old4